Ripple Loses Top Spot as Ethena Adds $337 Million in Stablecoin Market Cap

Ripple has lost its lead in stablecoin market capitalization growth after Ethena posted a much larger increase in 24 hours. According to Token Terminal data, Ethena added $337.4 million, overtaking Ripple, which added $39.6 million during the period.

The change follows Ripple’s earlier leadership, when the blockchain payments company topped the rankings with $34.7 million in growth. Ethena’s latest increase exceeded Ripple’s performance by approximately 8.5 times, creating a considerable gap between the two stablecoin issuers.

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Ethena Overtakes Ripple With $337.4 Million Stablecoin Growth

Ethena secured the highest position among tracked stablecoin issuers following its $337.4 million market capitalization increase. Meanwhile, Ripple moved into second place despite recording stronger growth than the $34.7 million reported during the previous ranking period.

Its latest $39.6 million increase represented an improvement of $4.9 million compared with the earlier figure. Significantly, the figures show that Ripple’s decline in ranking resulted from Ethena’s larger increase rather than negative capitalization growth.

Ethena’s reported expansion exceeded Ripple’s by $297.8 million, establishing a substantial difference between the leading issuers. The ranking measures changes in stablecoin market capitalization over 24 hours rather than each issuer’s total outstanding market value.

As a result, the figures identify which issuers recorded the largest capitalization increases during the measured period. Ripple remained among the strongest performers despite losing the leading position it occupied during the preceding reporting window.

Other Stablecoin Issuers Record Smaller Market Cap Increases

Beyond Ethena and Ripple, Token Terminal recorded positive capitalization changes across several other stablecoin issuers during the same period. USDD ranked behind Ripple with a $13.9 million increase, placing third among the issuers included in the reported figures.

Paxos followed with $10.8 million in additional market capitalization, maintaining a position among the leading contributors. Additionally, Ondo registered $4.2 million in growth, while OpenStandard recorded a smaller increase of $3.2 million.

UnitedStables completed the reported group with a $3 million increase, reflecting positive capitalization changes across multiple issuers. Combined, these five issuers contributed $35.1 million, considerably below Ripple’s individual increase of $39.6 million.

Ethena alone accounted for approximately 82% of the combined $412.1 million increase recorded across all seven listed issuers. The figures also placed Ripple ahead of USDD by $25.7 million, preserving its second-place position despite Ethena’s substantial lead.

Conclusion

Ethena’s $337.4 million increase displaced Ripple from the leading position, while Ripple retained second place with $39.6 million in growth. The remaining issuers also registered positive changes, but none approached the capitalization increases recorded by the two leading firms.